Fraport retains positive outlook despite posting €690 million 2020 fiscal year loss

March 17, 2021

Fraport AG Frankfurt Airport Services worldwide (Fraport) has released its financial results for fiscal year 2020, ending December 31. For the first time in 20 years net profit for the Group dropped into negative territory at €-690.4 million, despite the implementation of extensive cost-cutting measures. Group revenue decreased by 54.7% year-on-year to €1.68 billion. Adjusting

Air Canada sets ambitious net-zero GHG emissions target by 2050

March 16, 2021

Air Canada has announced ambitious plans for its long-term commitment to advancing climate change. Canada’s flag-carrying airline has targeted 2050 as the year it will reach net-zero greenhouse gas (GHG) emissions for global operations. In the mid-term, the carrier has set a target of reducing GHG emissions by 30% compared to 2019 levels by 2030

Virgin Atlantic to raise additional £160 million to further combat air travel crisis

March 15, 2021

Having received backing for a £1.2 billion rescue deal back in August 2020 which Virgin Atlantic claimed would secure its future for approximately 18 months, the struggling carrier has announced it is raising a further £160 million in new financing to help combat the effects of the global pandemic on demand for flights. It is

Rolls-Royce confident of future despite posting record loss of £4 billion

March 12, 2021

Rolls-Royce CEO Warren East has remained confident about the company’s future, despite revealing a £4 billion loss for 2020. Cash burn is expected to halve in 2021 from £4.2 billion to £2.0 billion and will likely turn positive for the latter half of the year as post-vaccination air travel begins to recover. This projection is

Icelandair and Titan Aircraft Investments agree sale-and-leaseback deal on two 767-300ERs

March 11, 2021

Titan Aircraft Investments has agreed to purchase two Boeing 767-300ER aircraft from Icelandair which will be converted to freighters and then placed on long-term leases to Icelandair. Titan Aircraft Investments is a joint venture between Titan Aviation Holdings and Bain Capital Credit, while Titan Aviation Holdings, which is a subsidiary of Atlas Air Worldwide Holdings

AerCap to acquire GE Capital Aviation Services

March 11, 2021

AerCap Holdings N.V. (AerCap), the global leader in aircraft leasing, has entered into a definitive agreement with General Electric under which AerCap will acquire 100% of GE Capital Aviation Services (GECAS), a GE business. The combined company will be an industry leader across all areas of aviation leasing, with over 2,000 owned and managed aircraft,

Norwegian government security concerns halt sale of Rolls-Royce engine subsidiary Bergen Engines

March 10, 2021

The Norwegian government has temporarily suspended the sale of Rolls-Royce-owned Bergen Engines. The sale had been agreed between Rolls-Royce and a company controlled by Russia’s TMH Group as Rolls-Royce looks to reduce the impact the COVID-19 pandemic has had on the British engine maker. Located in Bergen on the west coast of Norway, Bergen Engines

Lufthansa Technik’s 2020 revenue down 43% due to CORONA crisis

March 9, 2021

Lufthansa Technik has released its annual report for 2020 in which revenue and earnings were significantly lower than 2019 due to the effects of the COVID-19 pandemic on the aerospace sector. The crisis has had a considerable adverse effect on the development of the MRO business, with a significant decline in flight hours across the

U.S. and EU call four-month truce in Boeing-Airbus tariff war

March 8, 2021

The 16-year-old transatlantic trade war which has focussed heavily on planemakers Boeing and Airbus may be coming to a close with what has been described as a goodwill gesture after American President Joe Biden and the European Commission president, Ursula von der Leyen, agreed to suspend a range of existing tariffs between the two sides.

Airbus agrees to avoid forced redundancies in Germany

March 5, 2021

Airbus has announced that as a result of successful negotiations with IG Metall union and works council, which represents workers in Germany, no redundancies will be enforced in Germany before year-end 2023. As Airbus aims to implement a restructuring program which will affect 15,000 positions in its workforce, it will be looking to early retirements,

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